SunPower bids to ease PV affordability hurdles through new financial services launch

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SunPower said the launch of financial services would help PV become more affordable in the US. Image: SunPower.

US residential solar installer SunPower has launched a new financial services product aimed at making domestic renewables more affordable.

SunPower Financial will facilitate no-money down installations, offering credit limits of up to US$150,000 for qualified customers and expand access for home solar installs by introducing new financial products to the market featuring expanded eligibility criteria.

While customers with credits scores in excess of 600 will be served by SunPower Financial, financial offerings will also be made available for shared roofs, leased land, mobile homes and accessory dwelling units, such as added apartments or external offices.

Qualified customers will also be offered loans with a 0% interest APR for up to 25 years.

The products are available now in six US states and can support the purchase of SunPower’s Equinox PV and SunVault energy storage products.

SunPower said the launch of its financial institution will remove the need for customers to need a third-party lender to manage financing, offering a “seamless solution” from system design to sales, installation, warranty and financing.

Jason MacRae, executive vice president of financial products at SunPower, said the benefits of residential PV should be available to all Americans, “regardless of their zip code or income”.

 “By bringing financing in-house, we can lower the barrier of entry for U.S. consumers to own their home solar and storage system,” he added.

Equitable access to solar, energy storage and other renewables technologies has long been a consideration for the industry but has been drawn into renewed focus in light of this year’s COP26 summit. A key focus of the event was ensuring that the shift towards cleaner energy systems is as just as possible, with US Energy Secretary Jennifer Granholm highlighting the need to increase access to the benefits of such systems to poorer communities.

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